Trading software

Friday, April 6, 2012

Very worrying

First it was World
Spreads, now MarketSpreads have suspended accounts. Quite worrying,
especially for anyone with a decent sum lodged.

I hope this is sorted,
MarketSpreads are a good Irish company and I've always trusted them.
We'll wait and see. As it happens, I don't have too much money lodged
at the moment with them as I'd been 'out of the zone' lately and had
went to cash, but I think I'll take a look at my other spread accounts
and maybe put them to cash too.

Here's hoping it's sorted soon:

Dear Client

Today, Easter Thursday, at
about 4pm we received an instruction from the Central Bank to suspend
trading despite the fact that we are profitable, solvent and all client
funds are properly segregated. We went to the High Court to
at the very least achieve a stay on this completely unexpected Bank
instruction but the judge could not see anything unlawful with the
Bank’s actions and we are now forced to suspend client trading and close all open positions. We are in the process of closing down all client positions and will do so as fairly and efficiently as we possibly can. Despite the fact that two
weeks ago the Bank affirmed that our client funds are properly managed,
they have instructed us not to release any funds to clients until they
authorise us to do so. On Tuesday next, another
independent report by Grant Thornton to verify client funds is being
delivered to the Bank. This report, ordered by the bank last week and
paid for by us, is expected to say that client funds are properly
segregated, managed and intact. We understand that if the report is
satisfactory that the Bank will then authorise us to release any funds
requested.Should you wish to have your funds remitted back to you, let
us know by return.

As soon as the Bank authorises us to release funds we will do so immediately. All the staff and directors
of MarketSpreads are highly appreciative of your loyal custom and
regret any inconvenience caused to you. We hope that business may return to normal in coming weeks. Yours sincerely,

About Me

WAYNE Bailey was born in Dublin where he still lives with daughter. A librarian by profession, Wayne has always had a passion for betting and trading and has spent various periods throughout his life as a professional gambler. In 2007, he graduated from University College Dublin with a degree in social science and information studies and four years later, he completed a diploma in financial trading from the Irish Institute of Financial Trading. More recently, he studied psychology and the behaviour of the human mind. Wayne is a regular contributor to various newspapers and websites in the UK and Ireland, and he currently pens the Betting Ring column which enjoys a large dedicated following every Saturday in Ireland’s largest selling newspaper The Irish Independent. Wayne's book 'Sports Trading on Betfair' was published in 2014. Email: waynebaileyracing@gmail.com